jack welsh says there's a problem with the voracity of these numbers. >> i think what we're seeing is just a reality from month to month. over time they tend to converge. in any one month, you do get differences. this month is one of them. >> are they open to manipulation? >> i don't buy the conspiracy theory. there are certain people at pimco who do. i respect their point of view. this is just what happens when you have two different ways of collecting data. >> 115,000 jobs is certainly nothing to get excited about. the number is anemic. certainly not a bullish call. >> if you're going to fake the number, you do it big. >> absolutely. that's why i don't buy into it. you're just picking up the issue. it's a key element for the market. so step back. why is the market not as enthusiastic as some people would like it? because it realizes that we need to pivot. so far we've had a correct rally based on chopping off the tails of catastrophe. between what the fed has been doing and what the ecb has been doing, that has reduced the tail risks in the short term. in order to keep going, we nee